EXECUTIVE EMPLOYMENT AGREEMENT
This EXECUTIVE EMPLOYMENT AGREEMENT (the Agreement), dated as of January 27, 2021, is by and between Vincerx Pharma, Inc., a Delaware corporation (the Company), and Tom C. Thomas (Executive).
WHEREAS, the Company wishes to retain the services of Executive and Executive wishes to be employed by the Company on the terms and subject to the conditions set forth in this Agreement; and
NOW THEREFORE, in consideration of the foregoing recitals and other good and valuable consideration, and the respective covenants, agreements and undertakings set forth herein, the Company and Executive agree as follows:
(a) Effective Date. Executives employment shall commence on March 15, 2021 (the Effective Date).
(b) Title; Duties. Executive shall serve as the General Counsel and Chief Legal Officer of the Company and shall have such authority and responsibilities, and perform such duties, as may be consistent with such title and position as may be determined and assigned by the Chief Executive Officer of the Company (the CEO).
(c) Time and Effort. Executive agrees to devote substantially all of his normal business efforts and time during normal business hours to the performance of Executives duties hereunder and such other duties consistent with such title and position as may reasonably be determined and assigned by the CEO. During the term of this Agreement, Executive shall not engage in any other employment, occupation, consulting or other business activity that competes with the business of the Company or engage in any other activities that conflict or interfere with Executives obligations under this Agreement.
(d) Term. The term of this Agreement shall commence on the Effective Date and shall continue until terminated by either party as provided in Section 5 hereof.
2. Compensation; Benefits.
(a) Base Salary. Executive shall be paid an annual base salary of $355,000 (the Base Salary), payable in accordance with the Companys standard payroll practices. Executives Base Salary shall be reviewed by the Board of Directors of the Company (the Board) periodically (but no less than annually) for possible increase (but not decrease) in light of Executives performance, external market conditions, the Companys financial condition and performance and such other factors as the Board deems appropriate. If Executives Base Salary is increased from time to time, the most recent higher level shall be deemed to be the Base Salary from that point until otherwise increased (but not decreased).